Waterfront flats in cut price sale

The Platinum Point building project is included in the bargain �8m package

The Platinum Point building project is included in the bargain �8m package

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A TROUBLED waterfront development is set for a bulk sale at the bargain price of £8 million, sparking concerns it could become a base for stag and hen parties.

The sale is for one section of the redevelopment of the shoreline stretching from Granton to Leith and has led to claims the price tag is vastly below market value for a project which hit a series of problems including the recession and the shelving of a tram line to the area.

But Savills estate agents, who are managing the sale on behalf of Europa Apartments – the investment company which owns the property – have reportedly insisted the 60 luxury flats were being sold at market value.

The flats are currently being rented out and generate about £540,000 a year.

Ward councillor Gordon Munro said the low-cost sale was a blow for the area but could bring the development within the price range of a social housing buyer.

“These flats could be sold to a landlord like Port of Leith Housing Association if it had the help from the council. It would be another blow if these could not be bought and used by a social landlord.

And he added: “There has been some trouble with some flats along the waterfront development. Some are being used as holiday flats and residents have had the fire brigade out after hen and stag parties.”

Gerry Rooney, of Platinum Point Owners Association – a body aimed at safeguarding the interests of the flat owners in the development, said: “If it transfers to another corporate entity like Europa then we would have no strong views.

“We would have a concern it if were to go to a company that ran hen and stag parties.”

The sale includes 90 two-bedroom flats at Anchor, and 31 at Platinum Point, 27 of which are two-bedroom apartments and four three-bedroom apartments.

A spokesman for Savills said there had already been interest.

He said: “Platinum Point at Western Harbour and Anchor at Granton Marina are located in prime positions along Edinburgh’s waterfront.

“The area boasts major employers including the Scottish Executive and Telford College.

“Existing amenities are abundant in Leith which is home to Ocean Terminal Shopping Centre along with the Royal Yacht Britannia museum, David Lloyd sports centre and a plethora of bars, bistros and restaurants. A new ASDA supermarket is located within five minutes of both locations.

“Furthermore there are two local yacht clubs, with the Royal Forth Yacht Club being immediately adjacent to the Anchor apartments.”

A £300 million masterplan for the waterfront included 3000 apartments and more than 23,000 square metres of commercial business space.

PLANS DITCHED

AN £84 MILLION pound bid to revive development plans for the Capital’s waterfront has been all but scrapped after the major landowner decided to focus on the renewables industry.

The improvements to Leith Docks and Western Harbour have reportedly been shelved indefinitely, leaving the prospect of large swathes of Granton and Newhaven lying undeveloped for years.

Charles Hammond, chief executive of Forth Ports, last week admitted the firm’s plans for Leith had “changed significantly”, with industry and port-related activity to take priority for the next three decades.

Jim Lowrie, the council’s planning convenor, said: “The whole 84m tax-incremental-finance deal is off the table now, with Fort Ports’ strategy changing so much.

“None of the 16,000 homes that were being talked about for the docks are happening now and no new developments are happening outwith that area. That means you don’t get the income from business rates that was due to pay for these infrastructure improvements.”